So far competitors, like the feared Google+, haven't stunted Facebook's growth. The company doubled its revenue to 1.6 billion in the first half of 2011 Reuters reports. The social network also pulled in an impressive net income of $500 million. "Facebook's stronger results come as investors have pushed its valuation to roughly $80 billion in private markets, with many industry observers expecting the world's No. 1 Internet social network to go public in 2012."

While Facebook accounted for nearly one third of online Internet display ad impressions in the U.S. in June, not all of their revenue comes from advertisements. "Facebook also gets a 30 percent cut of sales of virtual goods, such as digital cars or animals, that enhance the experience in social games such as Zynga's FarmVille." There's still time for Google+ to undercut Facebook, especially as the enter the games market, but so far Facebook is doing just fine.